Christopher BarrettBerlin-based pan-European promoter, venue operator and ticketing conglomerate Deutsche Entertainment AG (DEAG) said it expects to achieve its full-year revenue target of more than €300 million (£257m) and an improved EBITDA compared to last year’s €30.9m (£26.45m).
DEAG said that throughout its ongoing fiscal year it will stage approximately 6,000 events in Europe, with around 10m tickets sold primarily via its proprietary ticketing platforms; Myticket, Gigantic.com and Tickets.ie.
DEAG achieved €123m (£105m) in revenue in the first half of the year, compared to €133.4m (£114m) in the previous year. EBITDA was more than €5m (£4.3m), compared to €10.1m (£8.6m) in the same period of last year. Among the many events it has promoted so far this year are concerts and tours with Sam Fender, Limp Bizkit, Rod Stewart, The Who, Iron Maiden and Kiss. Its European summer festivals, including Scotland’s Belladrum (pictured), were attended by more 800,000 people this year.
On the back of a series of acquisitions, the Kilimanjaro Live parent company said it will step up its M&A activities in the coming months.
DEAG announced that from now on the company’s founder and CEO Prof. Peter L. H. Schwenkow and Detlef Kornett will jointly lead the company as co-CEOs. Kornett has been a Board member of DEAG since 2014. His prior roles include being the MD of Red Bull GmbH, as well as the president & CEO of the AEG in Germany. On 1 October, David Reinecke will take on the role of chief financial officer.
Schwenkow said, “Just in time for DEAG’s 45th anniversary, we are leading our company into a new, exciting era that will be characterised by profitable growth as well as innovation and expansion into European markets and ticketing. I am very pleased that the Supervisory Board has agreed to my personal request to expand Detlef Kornett’s position to the role of co-CEO. I welcome David Reinecke as the new CFO and at the same time thank – also on behalf of the Supervisory Board – Roman Velke for his excellent work and great commitment over the past years. We will use the combination of a competent team, excellent business and attractive market opportunities to fuel DEAG’s further growth momentum.”